Having a mentor to advise a startup and help shape its direction can be extraordinarily valuable, but the expectations on both sides of the bargain can be a bit vague. The new template goes some way to define what mentors will do to drive growth and what startups can offer in terms of equity.
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Getting things right with mentors and investors has been outlined elsewhere of course. Founder Institute has a standard advisor template and Seedcamp also carries clear investment documents to make sure startups are heading along the right tracks legally.
The Mentor Shares Agreement generator includes guidance on use and a forum for startups, mentors and legal professionals to share ideas and advice on the details. The document was developed and is sponsored by Pinsent Masons’ Bootlaw programme and Orrick.
The template is currently available in the UK and US. Localised versions for other regions are in progress to suit legal requirements in different countries.
f6s is a community of entrepreneurs, mentors, programs and companies that works on nurturing tech startups. It was established in 2011 by Startupbootcamp and Springboard. The organisation now includes 300 programs, hackathons and events serving thousands of entrepreneurs.
Getting a little advice on your startup might not seem like something you should nail down to a contract if it’s a cup of coffee and a chat, but getting used to agreements is par for the course in most businesses and having clarity from the ground up makes things a lot easier as a company grows.
Image Credit: Orin Zebest